EUR/DKK 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is also surging in a channel up pattern against the Danish Krona, as the currency exchange rate is fluctuating near the pattern's lower trend line. The whole channel is a rebound of the rate after it encountered the 200-period simple moving average and struggled to pass the support from September 2 to the sixth of the same month. On its way to the pattern's upper trend line the currency exchange rate is set to struggle with various resistance like the weekly PP and R1; monthly R2. However, the most notable resistance, which might hinder the surge, is the June 30 high level at 7.4597. Moreover, the SWFX market sentiment is 75% long, which indicates at the pair already being overbought.
© Dukascopy Bank SA
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